HASTINGS-ON-HUDSON, N.Y. -- Ginsburg Development Companies (GDC) today began construction of The Lofts on Saw Mill River, a $34.9-million development in the village of Hastings-on-Hudson.
The project is part of the recent launch of GDC Rentals brand of luxury apartment living,
Situated on a 7.45-acre site on Saw Mill River Road (Route 9A), The Lofts will feature 66 loft-style rental apartments in three buildings. Two 3-story buildings will each include 27 units and one 2-story building will include 12 affordable workforce housing units. The 12 affordable units will count towards the affordable units mandated by the county’s affordable housing settlement with the federal government.
Monthly rentals for the market rate apartments will range from $2,900 for a large one-bedroom unit (950 SF) to $5,000 for the largest 3-bedroom unit (1,656 SF). The affordable units will range from $874 for a studio to $1,484 for a three-bedroom unit. First residential occupancy is expected in summer 2016.
As part of the project, GDC has dedicated 1.8 acres of “Great Lawn” to the village and will create for the public a 10-space parking lot and pedestrian bridge to the South County Trailway, which runs by the property. The site is a former industrial parking lot that GDC has owned since 2005.
“The Lofts on Saw Mill River will bring unique contemporary loft-style rental apartments to Westchester County as well as affordable workforce housing," said Martin Ginsburg, principal of Ginsburg Development Companies.
GDC received $679,780 in financial incentives for The Lofts from the Westchester County Industrial Development Agency (IDA). The project also received $1,166,000 in financial support from the county for land acquisition and infrastructure. The project is expected to create 100 construction jobs over an 18-month period.
“The Village is very excited about The Lofts on Saw Mill River because it represents the opportunity for high quality rental apartments plus the 12 units of much-needed affordable housing. Ginsburg Development Companies has a reputation for building outstanding developments and we’re confident that they will deliver on these new rental apartments as well as the affordable units,” said Hastings-on-Hudson Village Mayor Peter Swiderski.
For more information about The Lofts on Saw Mill River and other GDC Rentals, go to www.gdcrentals.com .
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